Bowtie West
The Bowtie West Prospect is located in a prolific fairway of previously developed shallower large oil and gas fields in Texas.
It is a large gas prospect and a relatively low-risk exploration that has follow-on drilling potential. It is the follow-on to a dry hole (Bowtie East) that missed the Vicksburg sandstone reservoir.
Despite this, recent discoveries in the immediate area have significantly upgraded the Bowtie West Prospect, and recent acquisition of additional acreage as part of the prospect substantially increases its potential reserves.
Bowtie West has a strong amplitude anomaly that extends widely over the prospect, which Bowtie East did not, and this could equate to thick reservoir sand which is calibrated in nearby prolific Vicksburg producers.
Bowtie West has estimated potential reserves of more than 50 billion cubic feet of natural gas and around 1.7 million barrels of crude oil. Bowtie Vicksberg is a deeper, overlooked play and recent nearby discoveries have achieved large flow rates and per well recoveries.
Abundant production infrastructure exists in the nearby area hence any discovery can be quickly brought into commercial production.
The operator of Bowtie West, Texakoma, plans to drill an exploration well on the Sugar Valley #1 prospect in March 2012. Verus’ technical team has completed a preliminary review on the prospect to assess reserves, economics, risk and chance of success. It will hold a final review with the operator in early February to assess the potential before moving forward with drilling plans.